DUG Technology's (ASX:DUG) recent contract win is seen as one of the catalysts to return to earnings growth, Euroz Hartleys said in a Tuesday note.

The company received the first purchase order under its software-as-a-service (SaaS) and high-performance computing-as-a-service (HPCaaS) deal with PETRONAS, representing an 80% uplift to the expected total contract value.

The purchase order, valued at $14.9 million, covers the first year of the initial three-year term. For the next two years, the company expects an annual value of at least $14.2 million, lifting the previously disclosed total contract value of $23.8 million to at least $43.3 million.

Euroz Hartleys upgraded its revenue forecasts associated with the deal to $9.6 million in the first year, a jump from the previous $6 million projection. In years two and three, the forecast is slightly increased to $9.9 million.

The investment firm also increased its fiscal 2026 capital expenditure forecast to $19 million from $16.7 million.

Euroz Hartleys maintained its speculative buy recommendation on Dug Technology and upgraded its price target to AU$3.20 per share from AU$2.80 per share.

The company's shares rose nearly 3% in midday trade on Wednesday.